Jack Dorsey’s first tweet in the form of an NFT was on sale for $2.9 million, but no one wanted to spend too much money to buy it.
In the NFT market, there is no shortage of blockbuster products. CryptoPunks, the first NFT collection, was created for free in 2017 and currently sells for more than $150,000 each. Those who spent $250 on Bored Ape’s NFT Yacht Club a year ago could easily resell them for over $300,000.
But that doesn’t mean that every NFT that used to have a value is now still an integer or multiplies value.
Last year, crypto entrepreneur Sina Estavi bought Twitter co-founder Jack Dorsey’s first tweet as an NFT for $2.9 million. Last Wednesday, Estavi auctioned off the tweet for seven days, hoping to raise some $50 million to raise for a charity. But when the auction ended, the highest bid price was just $280 (0.09 ether).
As a general rule, Estavi may choose to accept or reject this purchase price. He has indicated that he is willing to wait for a higher bid (although it doesn’t seem like auctions should be like that) and the current highest bid has risen to $4,631 (1.5 Ether).
Estavi expected to sell the NFT for $50 million.
It is unknown when the auction will actually end, and the price is now more than 10 times higher than his previous bid of $280. However, the $2.9 million asking price is hard to come by, let alone the $50 million Estavi was hoping for.
Before reopening the auction for the second time, Estavi said: “My term is over, but if I have a good offer, I can accept it, but I will probably never sell it.”
Estavi did not immediately respond to requests for comment.
The results of this auction left many people confused. The NFT itself is not an asset but a receipt that proves ownership. In the case of the Twitter boss’s tweet, the matter is even different. Because if Dorsey deletes the tweet, or if the Twitter platform itself intervenes to remove it, the NFT is for extinct content.